Fintech industry is growing in Saudi Arabia
Wednesday, 08 19 2020, Category: Technology, Country: Saudi Arabia
Fintech Saudi has said it is seeing the emergence of a growing industry in the Kingdom, as the sector continues to accelerate and expand across the globe.
A number of key developments have taken place to support the growth of the fintech industry in Saudi Arabia based on the latest Fintech Saudi annual report.
The developments include the launch of Apple Pay, the establishment of Saudi Payments and the continued issuance of regulatory testing licenses and regulations by the Saudi Arabia Monetary Authority (SAMA) and the Capital Markets Authority (CMA) to support fintech activities.
Last year and this year were a pivotal period for the fintech industry in the Kingdom, according to Fintech Saudi director Nejoud Almulaik.
“Despite the challenges of COVID-19, we have seen progress in regulations, infrastructure and an increasing number of investment rounds in fintech companies, which have built a solid foundation to support the emergence of a growing fintech industry in Saudi Arabia that will contribute in a meaningful way to Vision 2030.”
There have also been major initiatives within the community, including the National Commercial Bank (NCB) / Monsha’at fintech accelerator program and the launch of Riyad Bank’s fintech fund.
Source: Arab News